Earlier this year, LIMRA International announced that individual life sales were up 7 percent in 2006, a pace unmatched since 2000. At the same time we reported the organization’s findings, we were putting the finishing touches on this year’s Life Insurance Survey, which strives to find out how producers are faring in the marketplace, what challenges they’re facing, and what they need to succeed.
Turns out producers are feeling the effects of the overall uptick in production, with 34 percent indicating that their production has increased over the past 12 months. Compare that with our 2006 respondents — only 19 percent back then said they’d managed to increase their production from May 2005 to May 2006.
The progress has obviously had an impact on producers’ outlook. Now, if you’re in business for yourself, you are likely to expect your sales to increase in the future. If you expect stagnation or downward trends, you may become a self-fulfilling prophecy. And to that end, 60 percent of our respondents in 2006 said that they expect to sell more life insurance than usual between 2006 and 2007. We see it in nearly every survey — the majority of respondents are usually quite optimistic.
This year, though, even more producers are looking to the sky than before, with 70 percent expecting great things from the next 12 months — as well they should.MSN.com recently published an article called “12 Indestructible Careers,” a list of occupations with staying power. It includes teachers, doctors, and morticians. But I’d like to add a 13th occupation to that list — life insurance agent.
Why? Because as long as people continue to live, they’ll continue to need assurance against the future. As long as there are loved ones, there are people to protect. And as long as there is the need for insurance, there is the need for an agent.
The optimism is well-earned. As life insurance agents, you’ll always have your work cut out for you — as long as you know what to sell to whom and why you’re selling it.
Beginning on page 16, we reveal the results of our 2007 Life Insurance Survey, as well as our annual comprehensive Life Insurance Sales Guide. We talk about what products are available for your clients, what selling strategies you might want to employ, and what trends are emerging in the market. If you’re one of the 70 percent of agents who are wearing rose-colored shades, take a look at our selling guide to learn how to make your dream come true.
Sincerely,
Christina Pellett
ASJeditor@AgentMediaCorp.com